Corporate Governance Structure And IPO Performance "Suddenly Turn Hostile"

IPO performance "suddenly turn hostile" is a phenomenon in which the performance of listed company has declined after IPO.It will lead to a decline in stock prices,which will affect the healthy development of China's securities market seriously.Through the research and combing of domestic and foreign literatures,it is found that there are many factors affecting the IPO performance change of listed companies.From the perspective of internal governance factors,corporate governance structure is one of the reasons that affect the IPO performance change obviously,and from the external environment,the marketization degree also has an impact on the relationship between the two.Therefore,it is meaningful to research the relationship between corporate governance structure,marketization degree and IPO performance change.This paper takes 342 companies listed in China's A-share market from 2014-2015 as the research object,and combines domestic and foreign theoretical research with the actual situation of China's A-share market to explore the relationship between corporate governance structure and IPO performance change and the regulating role of the marketization degree in the relationship between the two,in addition,propose corresponding recommendations.Firstly,comparing the four years of IPO before and after of seven financial indicators from profitability,growth ability,operational capability and debt paying ability of 342 listed companies,the descriptive analysis are used to analysis the situation of IPO before and after,and the Wilcoxon signed rank test are used to analysis the significance of IPO change,and it was found that the A-share market in China did have a phenomenon of IPO performance change.Secondly,from the perspective of corporate governance structure,it is found that the size of the board of directors and the size of the board of supervisors have a significant positive correlation with the IPO performance change,the shareholding ratio of senior executives and the index S are significantly negatively correlated with the IPO performance change,and the degree of marketization also has different effects on the relationship between corporate governance structure and IPO performance change.Finally,based on the empirical results,and insight into the internal mechanism of the effects of various factors,it is urgent to promote the market-oriented reform of the listing policy actively,develop the advantage of the size of the board of directors reasonably,expand the size of the board of supervisors appropriately,optimize the shareholding structure and plan the equity balance rationally,exert the enthusiasm of senior managers' shareholding,promote and perfect the executive stock incentive system gradually to promote the healthy development of the stock market.